INJUNCTION ON CFPB SMALL BUSINESS DATA LENDING RULE EXPANDED

On Wednesday, the U.S. District Court for the Southern District of Texas expanded the injunction it previously placed on the CFPB’s Section 1071 rule (“Rule”) so that it covers all banks, credit unions, fintechs and other lenders subject to the CFPB’s authority nationwide pending a decision in the Supreme Court case challenging the constitutionality of the CFPB’s funding mechanism. The original injunction, which was granted in July, applied only to members of the American Bankers Association, the Texas Bankers Association and Rio Bank of McAllen, Texas. Read More